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Vaughan v Barlow Clowes International Ltd
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Vaughan v Barlow Clowes International Ltd : ウィキペディア英語版
Vaughan v Barlow Clowes International Ltd

''Vaughan v Barlow Clowes International Ltd'' ()〔(EWCA Civ 11 )〕 is an English trusts law case, concerning tracing.
==Facts==
The receivers of Barlow Clowes, a failed investment management firm, applied to determine in what order they should distribute assets to the creditors in Portfolios 28 and 68. Contributors to these managed investment plan accounts had advanced money, and were aware the money was to be invested as a collective fund. Specific investments were not earmarked for specific investors. In the event, the assets were misapplied and mostly dissipated.
Peter Gibson J held that the first in first out rule applied. The early investors appealed, represented by Mr Walker QC.

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